Vodafone Idea shares jump 9% as SC sets date for hearing
Vodafone Idea's shares shot up 9% on Monday after news broke that the Supreme Court will hear its case against the Department of Telecom (DoT) on September 19.
The stock also witnessed heavy trading volumes.
What's the case about?
Vodafone Idea is fighting a massive ₹9,450 crore bill from DoT for extra Adjusted Gross Revenue (AGR) dues.
The company says this demand is way above what the Supreme Court decided back in 2019, and claims there are errors and double-counting in those numbers.
They're pushing for a fresh review of their dues from before financial year 2017.
What's at stake?
The Supreme Court's decision could seriously impact Vodafone Idea's finances—and its future.
The government already swapped ₹53,000 crore of old dues for equity in 2021, taking a big stake but has ruled out further bailouts.
With nationalization off the table and heavy debts still looming, all eyes are on this hearing to see if Vodafone Idea can catch a break or faces more trouble ahead.